Chatham Lodging Trust (NYSE: CLDT), a lodging real estate
investment trust (REIT) that invests in upscale, extended-stay
hotels and premium-branded, select-service hotels and owns 133
hotels wholly or through joint ventures, today announced results
for the second quarter ended June 30, 2016. In addition, the
company updated its guidance for 2016.
Second Quarter 2016 Highlights
- Net Income - Declined $0.5
million to $12.3 million. Net income per diluted share was $0.31,
slightly below the company’s guidance range of $0.32-$0.34 per
share.
- Portfolio Revenue per Available Room
(RevPAR) – Rose 0.6 percent as compared to the second quarter
of 2015 to $141 for Chatham’s 38, wholly owned hotels. Average
daily rate (ADR) was up 70 basis points to $164, and occupancy was
flat at 86 percent.
- Adjusted EBITDA – Increased $0.1
million to $36.8 million.
- Adjusted FFO – Declined $0.5
million to $26.7 million. Adjusted FFO per diluted share was $0.69,
within the company’s guidance of $0.69-$0.71 per share.
- Operating Margins –Experienced a
120 basis point decline in comparable hotel gross operating profit
margins (total revenue less total hotel operating expenses) to 50.7
percent using comparable hotels regardless of ownership, and
comparable hotel EBITDA margins declined 150 basis points to 44.2
percent.
Consolidated Financial Results
The following is a summary of the consolidated financial results
for the three and six months ended June 30, 2016. RevPAR, ADR and
occupancy for 2016 and 2015 are based on hotels owned as of June
30, 2016 ($ in millions, except per share, RevPAR, ADR, occupancy
and margins):
Three Months Ended Six Months Ended
June 30, June 30, 2016 2015
2016 2015 Net income $12.3 $12.8 $15.6 $14.3
Diluted net income per common share $0.31 $0.33 $0.40 $0.37 RevPAR
$141 $140 $132 $130 ADR $164 $163 $162 $161 Occupancy 86% 86% 82%
81% Adjusted EBITDA $36.8 $36.7 $64.3 $61.1 GOP Margin 50.7% 52.0%
48.8% 50.1% Hotel EBITDA Margin 44.2% 46.1% 41.9% 43.7% AFFO $26.7
$27.2 $44.4 $42.2 AFFO per diluted share $0.69 $0.71 $1.15 $1.11
Dividends per share $0.33 $0.30 $0.64 $0.60
Operating Results
“RevPAR growth continued to decelerate in the 2016 second
quarter as weakening industry fundamentals persisted with increased
supply combined with muted demand and GDP growth,” said Jeffrey H.
Fisher, Chatham’s president and chief executive officer. “As an
industry, we are finding it very difficult to drive rate increases
given weaker business demand and the impact on rates from the
online travel agents, as well as increased supply in certain
gateway markets.
“Our RevPAR growth of 0.6 percent was below our RevPAR growth
guidance of 2-3 percent,” Fisher noted. “We were able to maintain
occupancy at a very high 86 percent year-over-year during the
quarter, but were not able to drive meaningful rate increases. The
industry benefitted in the second quarter from the Easter and July
4th calendar shifts, but our hotels were already at an occupancy
level that made for a tough year-over-year comparison.”
“In the face of a challenging quarter where our RevPAR growth
underperformed our expectations, we produced operating results
within our guidance range with adjusted FFO per share of $0.69
coming in at the lower-end of our guidance range, as hotel EBITDA
margins were within our guidance range. We also benefitted from
lower than expected income taxes and slightly better than expected
FFO from our joint venture investments,” explained Dennis Craven,
Chatham’s chief operating officer. “With RevPAR growth of 0.6
percent, we were unable to hold our gross operating profit margins,
and comparable operating margins declined 120 basis points. In
addition to minimum wage pressures in certain markets, we continue
to see substantial increases in certain non-controllable expenses
related to guest acquisition costs, such as travel agency
commissions and guest reward costs.”
Joint Venture Investment Performance
During the quarter, the Innkeepers and Inland joint ventures
contributed Adjusted EBITDA and Adjusted FFO of approximately $4.9
million and $3.0 million, respectively. For the six months ended
June 30, 2016, the joint ventures contributed Adjusted EBITDA and
Adjusted FFO of approximately $8.3 million and $4.3 million,
respectively.
Chatham received distributions of $3.2 million during the
quarter from the joint ventures. For the six months ended June 30,
2016, Chatham received distributions of $4.1 million from the joint
ventures. Chatham invested $50.1 million for its approximate 10
percent interest in the two joint ventures.
Capital Markets & Capital Structure
As of June 30, 2016, the company had net debt of $585.5 million
(total consolidated debt less unrestricted cash). Total debt
outstanding was $600.8 million at an average interest rate of 4.4
percent, comprised of $534.6 million of fixed-rate mortgage debt at
an average interest rate of 4.7 percent and $66.3 million
outstanding on the company’s $250 million senior unsecured
revolving credit facility, which currently carries an interest rate
of 2.6 percent.
Chatham’s leverage ratio was approximately 41 percent at June
30, 2016, based on the ratio of the company’s net debt to hotel
investments at cost. The weighted average maturity date for
Chatham’s fixed rate debt is February 2024. As of June 30, 2016,
Chatham’s proportionate share of joint venture debt and
unrestricted cash was $168.0 million and $3.1 million,
respectively.
On June 30, 2016, as defined in the company’s credit agreement,
Chatham’s fixed charge coverage ratio, including its interest in
the two joint ventures, was 3.5 times, and total net debt to
trailing 12-month corporate EBITDA was 5.8 times. Excluding its
interests in the two joint ventures with NorthStar, Chatham’s fixed
charge coverage ratio was 3.6 times, and net debt to trailing
12-month corporate EBITDA was 5.2 times.
“During the quarter, we generated significant free cash flow and
reduced our net debt by $8.1 million,” said Jeremy Wegner,
Chatham’s chief financial officer. “Our capital structure is solid
with no debt maturing before late 2020. Additionally, given our
minimal exposure to any increase in interest rates and our very
strong coverage ratios, we remain well protected at this point in
the cycle.”
Dividend
During the first quarter, Chatham’s Board of Trustees increased
its regular monthly dividend by 10 percent, or $0.01 per common
share, to $0.11 per common share. Chatham currently pays a monthly
dividend of $0.11 per common share. “Despite the reduction in our
2016 guidance, our 2016 cash dividend per share of $1.30 will
represent approximately 57 percent of our estimated Adjusted FFO
per share based on the midpoint of our guidance, so we believe the
dividend remains safe and supportable,” Craven emphasized.
Hotel Reinvestments/Expansions
During the 2016 second quarter, Chatham substantially completed
the renovation of the Homewood Suites in Carlsbad, Calif., the
Courtyard by Marriott in Addison, Texas, and the Hilton Garden Inn
in Burlington, Mass. No renovations are planned for the third
quarter.
The 32-room expansion of the Residence Inn Palo Alto Mountain
View in Silicon Valley is nearing completion. The company expects
the building to be completed in August with the certificate of
occupancy contingent upon final electrical connections and
inspections.
2016 Guidance
“We are reducing our previously announced full-year Adjusted
EBITDA and FFO per share guidance by approximately 5 percent and
our RevPAR growth range by 200-250 basis points based on the
current outlook for the hotel industry and our portfolio. Lower GDP
growth is adversely impacting the lodging industry, and for our
portfolio, new supply is an added constraint. We expect these
trends to continue for the balance of 2016, and with RevPAR growth
at these levels, our industry leading margins are expected to
decline slightly,” Fisher concluded.
The company provides guidance, but does not undertake to update
it for any developments in its business. Achievement of the results
is subject to the risks disclosed in the company’s filings with the
Securities and Exchange Commission. The company’s guidance reflects
the following:
- U.S. GDP growth rate of approximately
1.5 percent for the last six months of 2016.
- Renovation at Residence Inn San Diego
Gaslamp during the fourth quarter.
- Opening of the 32-room tower in
Mountain View, Calif., during the third quarter.
- No additional acquisitions,
dispositions, debt or equity issuance.
Q3 2016 2016 Forecast RevPAR $145-$148
$131-$132 RevPAR growth -1.0 to +1.0% +0.0-1.0% Total hotel revenue
$80.0-$81.5 M $290.9-$293.7 M Net income $13.4-$14.9 M $30.2-$32.3
M Net income per diluted share $0.35-$0.38 $0.78-$0.83 Adjusted
EBITDA $38.0-$39.5 M $128.1-$130.1 M Adjusted funds from operation
("FFO") $27.7-$29.2 M $87.8-$89.9 M Adjusted FFO per diluted share
$0.72-$0.75 $2.26-$2.32 Hotel EBITDA margins 44.6-45.2% 41.7-41.9%
Corporate cash administrative expenses $2.4 M $9.2 M Corporate
non-cash administrative expenses $0.8 M $3.6 M Interest expense
(excluding fee amortization) $6.9 M $27.4 M Non-cash amortization
of deferred fees $0.3 M $1.3 M Income taxes $0.3 M $0.7 M Chatham’s
share of JV EBITDA $4.8-$5.0 M $16.1-$16.5 M Chatham’s share of JV
FFO $2.8-$3.1 M $8.2-$8.7 M Weighted average shares outstanding
38.7 M 38.7 M Funds from operations (FFO),
Adjusted FFO (AFFO), EBITDA and Adjusted EBITDA are non-GAAP
financial measures within the meaning of the rules of the
Securities and Exchange Commission. See the discussion included in
this press release for information regarding these non-GAAP
financial measures.
Earnings Call
The company will hold its second quarter 2016 conference later
today, August 3, 2016, at 10:00 a.m. Eastern Time. Shareholders and
other interested parties may listen to a simultaneous webcast of
the conference call on the Internet by logging onto Chatham’s Web
site, http://chathamlodgingtrust.com/, or www.streetevents.com, or may participate in the
conference call by dialing 1-877-407-0789 and referencing Chatham
Lodging Trust. A recording of the call will be available by
telephone until 11:59 p.m. ET on Wednesday, August 10, 2016, by
dialing 1-877-870-5176, reference number 13641009. A replay of the
conference call will be posted on Chatham’s website.
About Chatham Lodging Trust
Chatham Lodging Trust is a self-advised, publicly-traded real
estate investment trust focused primarily on investing in upscale,
extended-stay hotels and premium-branded, select-service hotels.
The company owns interests in 133 hotels totaling 18,178
rooms/suites, comprised of 38 properties it wholly owns with an
aggregate of 5,680 rooms/suites in 15 states and the District of
Columbia and a minority investment in two joint ventures that own
95 hotels with an aggregate of 12,498 rooms/suites. Additional
information about Chatham may be found at
www.chathamlodgingtrust.com or www.chathamlodgingtrust.reit.
Non-GAAP Financial Measures
Included in this press release are certain “non-GAAP financial
measures,” within the meaning of Securities and Exchange Commission
(SEC) rules and regulations, that are different from measures
calculated and presented in accordance with GAAP (generally
accepted accounting principles). The company considers the
following non-GAAP financial measures useful to investors as key
supplemental measures of its operating performance: (1) FFO,
(2) Adjusted FFO, (3) EBITDA, (4) Adjusted EBITDA
and (5) Adjusted Hotel EBITDA. These non-GAAP financial measures
should be considered along with, but not as alternatives to, net
income or loss as prescribed by GAAP as a measure of its operating
performance.
FFO As Defined by NAREIT and Adjusted FFO
The company calculates FFO in accordance with standards
established by the National Association of Real Estate Investment
Trusts (NAREIT), which defines FFO as net income or loss
(calculated in accordance with GAAP), excluding gains or losses
from sales of real estate, impairment write-downs, the cumulative
effect of changes in accounting principles, plus depreciation and
amortization (excluding amortization of deferred financing costs),
and after adjustments for unconsolidated partnerships and joint
ventures following the same approach. The company believes that the
presentation of FFO provides useful information to investors
regarding its operating performance because it measures its
performance without regard to specified non-cash items such as real
estate depreciation and amortization, gain or loss on sale of real
estate assets and certain other items that the company believes are
not indicative of the property level performance of its hotel
properties. The company believes that these items reflect
historical cost of its asset base and its acquisition and
disposition activities and are less reflective of its ongoing
operations, and that by adjusting to exclude the effects of these
items, FFO is useful to investors in comparing its operating
performance between periods and between REITs that also report
using the NAREIT definition.
The company calculates Adjusted FFO by further adjusting FFO for
certain additional items that are not addressed in NAREIT’s
definition of FFO, including hotel property acquisition costs and
other charges, losses on the early extinguishment of debt and
similar items related to its unconsolidated real estate entities
that it believes do not represent costs related to recurring
operations. The company believes that Adjusted FFO provides
investors with another financial measure that may facilitate
comparisons of operating performance between periods and between
REITs that make similar adjustments to FFO.
EBITDA, Adjusted EBITDA and Adjusted Hotel EBITDA
The company calculates EBITDA for purposes of the credit
facility debt as net income or loss excluding: (1) interest
expense; (2) provision for income taxes, including income taxes
applicable to sale of assets; (3) depreciation and amortization;
and (4) unconsolidated real estate entity items including interest,
depreciation and amortization excluding gains and losses from sales
of real estate. The company believes EBITDA is useful to investors
in evaluating its operating performance because it helps investors
compare the company’s operating performance between periods and
between REITs by removing the impact of its capital structure
(primarily interest expense) and asset base (primarily depreciation
and amortization) from its operating results. In addition, the
company uses EBITDA as one measure in determining the value of
hotel acquisitions and dispositions.
The company calculates Adjusted EBITDA by further adjusting
EBITDA for certain additional items, including hotel property
acquisition costs and other charges, gains or losses on the sale of
real estate, losses on the early extinguishment of debt,
amortization of non-cash share-based compensation and similar items
related to its unconsolidated real estate entities, which it
believes are not indicative of the performance of its underlying
hotel properties entities. The company believes that Adjusted
EBITDA provides investors with another financial measure that may
facilitate comparisons of operating performance between periods and
between REITs that report similar measures.
Adjusted Hotel EBITDA is defined as net income before interest,
income taxes, depreciation and amortization, corporate general and
administrative, hotel property acquisition costs, loss on early
extinguishment of debt, interest and other income and income or
loss from unconsolidated real estate entities. The Company presents
Adjusted Hotel EBITDA because the Company believes it is useful to
investors in comparing its hotel operating performance between
periods and comparing its Adjusted Hotel EBITDA margins to those of
our peer companies. Adjusted Hotel EBITDA represents the results of
operations for its wholly owned hotels only.
Although the company presents FFO, Adjusted FFO, EBITDA and
Adjusted EBITDA because it believes they are useful to investors in
comparing the company’s operating performance between periods and
between REITs that report similar measures, these measures have
limitations as analytical tools. Some of these limitations are:
- FFO, Adjusted FFO, EBITDA, Adjusted
EBITDA and Adjusted Hotel EBITDA do not reflect the company’s cash
expenditures, or future requirements, for capital expenditures or
contractual commitments;
- FFO, Adjusted FFO, EBITDA, Adjusted
EBITDA and Adjusted Hotel EBITDA do not reflect changes in, or cash
requirements for, the company’s working capital needs;
- FFO, Adjusted FFO, EBITDA, Adjusted
EBITDA and Adjusted Hotel EBITDA do not reflect funds available to
make cash distributions;
- EBITDA, Adjusted EBITDA and Adjusted
Hotel EBITDA do not reflect the significant interest expense, or
the cash requirements necessary to service interest or principal
payments, on the company’s debts;
- Although depreciation and amortization
are non-cash charges, the assets being depreciated and amortized
may need to be replaced in the future, and FFO, Adjusted FFO,
EBITDA, Adjusted EBITDA and Adjusted Hotel EBITDA do not reflect
any cash requirements for such replacements;
- Non-cash compensation is and will
remain a key element of the company’s overall long-term incentive
compensation package, although the company excludes it as an
expense when evaluating its ongoing operating performance for a
particular period using adjusted EBITDA;
- Adjusted FFO, Adjusted EBITDA and
Adjusted Hotel EBITDA do not reflect the impact of certain cash
charges (including acquisition transaction costs) that result from
matters the company considers not to be indicative of the
underlying performance of its hotel properties; and
- Other companies in the company’s
industry may calculate FFO, Adjusted FFO, EBITDA, Adjusted EBITDA
and Adjusted Hotel EBITDA differently than the company does,
limiting their usefulness as a comparative measure.
In addition, FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and
Adjusted Hotel EBITDA do not represent cash generated from
operating activities as determined by GAAP and should not be
considered as alternatives to net income or loss, cash flows from
operations or any other operating performance measure prescribed by
GAAP. FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and Adjusted Hotel
EBITDA are not measures of the Company’s liquidity. Because of
these limitations, FFO, Adjusted FFO, EBITDA, Adjusted EBITDA and
Adjusted Hotel EBITDA should not be considered in isolation or as a
substitute for performance measures calculated in accordance with
GAAP. The Company compensates for these limitations by relying
primarily on its GAAP results and using FFO, Adjusted FFO, EBITDA,
Adjusted EBITDA and Adjusted Hotel EBITDA only supplementally. The
Company’s consolidated financial statements and the notes to those
statements included elsewhere are prepared in accordance with
GAAP.
The company’s reconciliation of FFO, Adjusted FFO, EBITDA,
Adjusted EBITDA and Adjusted Hotel EBITDA to net income
attributable to common shareholders, as determined under GAAP, is
set forth below.
Forward-Looking Statement Safe Harbor
Note: This press release contains forward-looking statements
within the meaning of federal securities regulations. These
forward-looking statements are identified by their use of terms and
phrases such as "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "should," "plan," "predict," "project,"
"will," "continue" and other similar terms and phrases, including
references to assumption and forecasts of future results.
Forward-looking statements are not guarantees of future performance
and involve known and unknown risks, uncertainties and other
factors which may cause the actual results to differ materially
from those anticipated at the time the forward-looking statements
are made. These risks include, but are not limited to: national and
local economic and business conditions, including the effect on
travel of potential terrorist attacks, that will affect occupancy
rates at the company’s hotels and the demand for hotel products and
services; operating risks associated with the hotel business; risks
associated with the level of the company’s indebtedness and its
ability to meet covenants in its debt agreements; relationships
with property managers; the company’s ability to maintain its
properties in a first-class manner, including meeting capital
expenditure requirements; the company’s ability to compete
effectively in areas such as access, location, quality of
accommodations and room rate structures; changes in travel
patterns, taxes and government regulations which influence or
determine wages, prices, construction procedures and costs; the
company’s ability to complete acquisitions and dispositions; and
the company’s ability to continue to satisfy complex rules in order
for the company to remain a REIT for federal income tax purposes
and other risks and uncertainties associated with the company’s
business described in the company's filings with the SEC. Although
the company believes the expectations reflected in such
forward-looking statements are based upon reasonable assumptions,
it can give no assurance that the expectations will be attained or
that any deviation will not be material. All information in this
release is as of August 3, 2016, and the company undertakes no
obligation to update any forward-looking statement to conform the
statement to actual results or changes in the company’s
expectations.
CHATHAM LODGING TRUST Consolidated Balance
Sheets (In thousands, except share and per share data)
June 30, December 31, 2016 2015
Assets: Investment in hotel properties, net $
1,247,305 $ 1,258,452 Cash and cash equivalents 15,308 21,036
Restricted cash 22,508 19,273 Investment in unconsolidated real
estate entities 21,853 23,618 Hotel receivables (net of allowance
for doubtful accounts of $125 and $95, respectively). 6,281 4,433
Deferred costs, net 5,072 5,365 Prepaid expenses and other assets
5,437 5,052 Total assets $ 1,323,764
$ 1,337,229
Liabilities and Equity:
Mortgage debt $ 532,105 $ 539,623 Revolving credit facility 66,280
65,580 Accounts payable and accrued expenses 26,389 25,100
Distributions and losses in excess of investments of unconsolidated
real estate entities 4,712 2,703 Distributions payable 4,658
7,221 Total liabilities 634,144
640,227 Commitments and contingencies
Equity: Shareholders' Equity:
Preferred shares, $0.01 par value,
100,000,000 shares authorized and unissued at June 30, 2016 and
December 31, 2015
- -
Common shares, $0.01 par value,
500,000,000 shares authorized; 38,352,554 and 38,308,937 shares
issued and outstanding at June 30, 2016 and December 31, 2015,
respectively
380 379 Additional paid-in capital 721,171 719,773 Retained
earnings (distributions in excess of retained earnings)
(36,399 ) (27,281 ) Total shareholders' equity
685,152 692,871 Noncontrolling
Interests:
Noncontrolling interest in Operating
Partnership
4,468 4,131 Total equity 689,620
697,002 Total liabilities and equity $
1,323,764 $ 1,337,229
CHATHAM
LODGING TRUST Consolidated Statements of Operations (In
thousands, except share and per share data)
For
the three months ended For the six months ended
June 30, June 30, 2016 2015
2016 2015 Revenue: Room $ 72,768 $
67,698 $ 136,702 $ 122,729 Food and beverage 1,726 1,355 3,234
2,522 Other 2,637 2,492 4,990 4,427 Cost reimbursements from
unconsolidated real estate entities 870 869
1,924 1,717 Total revenue
78,001 72,414 146,850
131,395
Expenses: Hotel operating expenses: Room
14,574 12,755 28,385 23,696 Food and beverage 1,245 973 2,423 1,820
Telephone 430 416 851 825 Other hotel operating 638 661 1,227 1,188
General and administrative 5,700 5,330 11,196 9,971 Franchise and
marketing fees 5,948 5,560 11,136 10,055 Advertising and promotions
1,344 1,192 2,696 2,411 Utilities 2,235 2,100 4,617 4,426 Repairs
and maintenance 3,158 2,856 6,359 5,677 Management fees 2,384 2,197
4,613 4,013 Insurance 338 285
675 586 Total hotel operating expenses 37,994
34,325 74,178 64,668 Depreciation and amortization 12,281 12,063
24,756 23,586 Property taxes, ground rent and insurance 5,014 4,254
10,037 8,339 General and administrative 2,972 2,156 6,084 5,583
Hotel property acquisition costs and other charges 298 524 310 784
Reimbursed costs from unconsolidated real estate entities
870 869 1,924 1,717
Total operating expenses 59,429 54,191
117,289 104,677 Operating income
18,572 18,223 29,561 26,718 Interest and other income 15 166 36 160
Interest expense, including amortization of deferred fees (7,092 )
(6,852 ) (14,129 ) (13,665 ) Loss on early extinguishment of debt -
- (4 ) - Income from unconsolidated real estate entities 942 1,333
295 1,077 Loss on sale from unconsolidated real estate entities
(8 ) - (8 ) - Income
before income tax expense 12,429 12,870 15,751 14,290 Income tax
expense (179 ) (25 ) (179 ) (25 ) Net
income 12,250 12,845 15,572 14,265 Net income attributable to
noncontrolling interests (82 ) (82 ) (104 )
(90 ) Net income attributable to common shareholders $
12,168 $ 12,763 $ 15,468 $ 14,175
Income per Common Share - Basic: Net income
attributable to common shareholders $ 0.32 $ 0.33 $
0.40 $ 0.37
Income per Common Share -
Diluted: Net income attributable to common shareholders $ 0.31
$ 0.33 $ 0.40 $ 0.37
Weighted
average number of common shares outstanding: Basic 38,299,132
38,211,833 38,286,790 37,618,234 Diluted 38,734,987 38,618,824
38,704,693 38,022,675
Distributions per common share
$ 0.33 $ 0.30 $ 0.64 $ 0.60
CHATHAM LODGING
TRUST FFO and EBITDA (In thousands, except share and per
share data)
For the three months ended For
the six months ended June 30, June 30,
2016 2015 2016 2015
Funds From Operations ("FFO"): Net income $ 12,250 $
12,845 $ 15,572 $ 14,265 Noncontrolling interests (82 ) (82 ) (104
) (90 ) Loss on sale from unconsolidated real estate entities 8 - 8
- Depreciation 12,227 12,016 24,649 23,493 Adjustments for
unconsolidated real estate entity items 2,015 1,853 3,976 3,664
FFO attributable to common
shareholders 26,418 26,632 44,101
41,332 Hotel property acquisition costs and other
charges 298 524 310 784 Loss on early extinguishment of debt - - 4
- Adjustments for unconsolidated real estate entity items 13
80 23 92
Adjusted FFO attributable to common shareholders $
26,729 $ 27,236 $
44,438 $ 42,208
Weighted average number of common shares Basic 38,299,132
38,211,833 38,286,790 37,618,234 Diluted 38,734,987 38,618,824
38,704,693 38,022,675
For the three months
ended For the six months ended June 30, June
30, 2016 2015 2016 2015
Earnings Before Interest, Taxes,
Depreciation and Amortization ("EBITDA"):
Net income $ 12,250 $ 12,845 $ 15,572 $ 14,265 Interest expense
7,092 6,852 14,129 13,665 Income tax expense 179 25 179 25
Depreciation and amortization 12,281 12,063 24,756 23,586
Adjustments for unconsolidated real estate entity items 3,968 3,750
7,950 7,414 Noncontrolling interests (82 ) (82 ) (104 ) (90 )
EBITDA 35,688
35,453 62,482 58,865 Hotel property
acquisition costs and other charges 298 524 310 784 Loss on early
extinguishment of debt - - 4 - Adjustments for unconsolidated real
estate entity items 27 86 36 121 Loss on sale from unconsolidated
real estate entities 8 - 8 - Share based compensation 759 651 1,495
1,355
Adjusted EBITDA $
36,780 $ 36,714 $
64,335 $ 61,125
CHATHAM LODGING TRUST ADJUSTED HOTEL EBITDA (In
thousands, except share and per share data)
For the three months ended For the six
months ended June 30, June 30, 2016
2015 2016 2015 Net Income 12,250 12,845
15,572 14,250 Add: Interest expense 7,092 6,852 14,129 13,665
Income tax expense 179 25 179 25 Depreciation and amortization
12,281 12,063 24,756 23,586 General and administrative 2,972 2,156
6,084 5,583 Hotel property acquisition costs and other charges 298
524 310 784 Loss on early extinguishment of debt - - 4 - Loss on
sale from unconsolidated real estate entities 8 - 8 - Less:
Interest and other income (15 ) (165 ) (36 ) (160 ) Income from
unconsolidated real estate entities (942 ) (1,333 ) (295 ) (1,077 )
Adjusted Hotel EBITDA 34,123 32,967
60,711 56,656
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160803005269/en/
Chatham Lodging TrustDennis Craven (Company)Chief Operating
Officer561-227-1386orDaly Gray, Inc.Chris Daly
(Media)703-435-6293
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